Self-employment comes with many perks. But when tax time comes around, it also means you'll be filing more than just Form 1040. Chances are, you'll also need to file Schedule C.
The Schedule C form might seem daunting at first. But while... Continue
The 2022 tax season is here. On January 24, the Internal Revenue Service (IRS) began accepting individual tax returns. However, if you're wondering what the last day to file taxes in 2022 is, the answer for most Americans is April... Continue
It costs money to make money, and much of what business owners spend on their companies — their business expenses — can be deducted from their gross income to reduce their taxes. The list of deductible business expenses includes... Continue
We're more than mid-way through 2021, and my smartest clients are using this time to strategize how to limit their tax bill and turn those savings into cash for the year. Because hey, it's only like 20-30% of your income, right? So what... Continue
Whenever anyone asks what's the best tax advice for a small business owner, to me, the answer is obvious: have a good certified public accountant. Yes, it costs a few extra bucks. But taxes — like everything else in this world — are... Continue
Have you and your employees been locked down at home and working remotely over the past six months? Then I have some good news about the home office tax deduction. And some bad news.
First, the good news.
If you're self-employed or an... Continue
What do printer ink, client lunches and shipping costs all have in common? They're business expenses—the costs incurred while operating your business. And, as long as you run a for-profit company, you can deduct many of these expenses... Continue
As a small business owner, when tax season arrives each year, you may feel a mix of dread, apprehension, and stress, but it doesn't have to be this way. You can ease these symptoms by gaining a clearer understanding of what you owe for... Continue
Sometimes business owners have accounts receivable that will never be paid. They may also have inventory that they never use. If this feels like a loss, it's because it is. Most small business owners want to reduce taxable income... Continue